The average price for a gallon of regular unleaded gasoline in Texas is $3.20, seven cents less than the average last week, according to the AAA Texas Weekend Gas Watch.
The national average is $3.39, six cents less than last week. The statewide average price is 19 cents less than the national average. The most expensive gasoline average in the state is in El Paso at $3.33. Ft. Worth is reporting the least expensive average in the state at $3.07 for a gallon of regular unleaded. Sweetwater’s gas is currently $3.38 a gallon.
Market analysts say the downward pressure on the market price of crude oil is the result of the same global economic weaknesses that have been weighing down the commodities markets for several weeks. A struggling global economy means less demand for crude oil. Additionally, as the financial climate overseas becomes more uncertain, the U.S. dollar becomes a more attractive investment, driving up the value of the dollar. Commodities, including crude oil, are traded in U.S. dollars, and as the dollar strengthens compared to currencies abroad, the effective price of oil and other products for those outside of the U.S. becomes more expensive. Oil futures become a less attractive investment and prices are pressured downward.
“The statewide average price for a gallon of regular unleaded decreased seven cents since last week," said AAA Texas/New Mexico Public Affairs Representative Sarah Schimmer in Houston. “Today’s statewide average is 69 cents less than the current high price for the year of $3.89 that was reached on May 13.”